Business
Sonim Provides Business Update Following $27.6 Million Public Offering
AUSTIN, Texas, June 11, 2020 /PRNewswire/ -- Sonim Technologies, Inc. (Nasdaq: SONM), today provided a business update following the closing of its previously
About this update from Dna X, Inc.
[{"type":"text","content":"AUSTIN, Texas, June 11, 2020 /PRNewswire/ -- Sonim Technologies, Inc. (Nasdaq: SONM), today provided a business update following the closing of its previously announced $27.6 million underwritten public offering, in which the underwriters exercised their overallotment option in full. \n\n \n \n \n \n \n \n\n \nSonim continues to execute on its turnaround strategy and reiterates its prior statement anticipating revenue growth in its second quarter, ending June 30, as compared with its first quarter.\n\"This offering marks a turning point for Sonim, providing a reinvigorated and debt free balance sheet at a time when we are finalizing our restructuring and turning our focus towards developing the next generation of rugged 5G enabled products,\" said Tom Wilkinson, Chief Executive Officer. \"We look forward to building on the foundation we have established and pursuing exciting organic and strategic growth opportunities ahead. These opportunities include the potential addition of complementary products and technologies used by customers in our end markets, as well as development of our next generation platforms that will further enhance our proven rugged mobile offering with advanced technologies, additional customer requested features and attractive manufacturing efficiencies.\" \nSonim used a portion of the net proceeds from the offering to repay $4.0 million of the outstanding principal amount and accrued interest under the subordinated secured convertible promissory note issued to B. Riley Principal Investments, LLC, (the \"BRPI Indebtedness\"), and converted the remaining amount of the BRPI Indebtedness into shares of Sonim's common stock, which completely retired Sonim's balance sheet debt. \nAbout Sonim Technologies, Inc.Sonim Technologies is a leading U.S. provider of ultra-rugged mobility solutions designed specifically for task workers physically engaged in their work environments, often in mission-critical roles. The Sonim solution includes ultra-rugged mobile phones, a suite of industrial-grade accessories, and data and workflow applications which are collectively designed to increase worker productivity, communication and safety on the job site. \nImportant Cautions Regarding Forward-Looking Statements This communication contains \"forward-looking statements\" within the meaning of the Private Securities Litigation Ref...